DXY - Technical Aspects: I feel we are approaching key area now, at this current time..Why?
- We are near a trend-line down, if we go above the next trend-line area would be the next resistance areas.
- Looking at bulls and bear scenario - Bears - could be bear flag formed measuring - 1.618 area down areas of support (That's if it breaks out of range drawn with purple boxes)
- Bullish scenario, double bottom (Yellow) Measured takes us to 0.618 area which is a near resistance area, although keep in mind the 50 EMA (Again, keep in mind the range we are in) If we have further bullish momentum and extends over the trend-line down we could go towards next resistance areas which is nice Fib area of 0.382 = Near 200 EMA.
Key areas I am looking at how it reacts if we get to 94-94.50 areas.
Key things to keep in mind - We have no direction for now we are still within this range until its broken and retested then we have a clear direction of THE momentum it is heading towards.
Whilst looking at DXY, other pairs that look like great opportunity - Loonie, Swiss majors and Gold - We are an interesting area!
Remember: Just a trade idea, not a recommendation.
All the best,
Trade Journal
- We are near a trend-line down, if we go above the next trend-line area would be the next resistance areas.
- Looking at bulls and bear scenario - Bears - could be bear flag formed measuring - 1.618 area down areas of support (That's if it breaks out of range drawn with purple boxes)
- Bullish scenario, double bottom (Yellow) Measured takes us to 0.618 area which is a near resistance area, although keep in mind the 50 EMA (Again, keep in mind the range we are in) If we have further bullish momentum and extends over the trend-line down we could go towards next resistance areas which is nice Fib area of 0.382 = Near 200 EMA.
Key areas I am looking at how it reacts if we get to 94-94.50 areas.
Key things to keep in mind - We have no direction for now we are still within this range until its broken and retested then we have a clear direction of THE momentum it is heading towards.
Whilst looking at DXY, other pairs that look like great opportunity - Loonie, Swiss majors and Gold - We are an interesting area!
Remember: Just a trade idea, not a recommendation.
All the best,
Trade Journal